5 questions to ask regarding property prices in Singapore
Buying or renting a property in Singapore comes at a cost. That is why there shouldn’t be any mistakes when choosing a property rental Singapore house. It is necessary to always research first before you decide on choosing a house for rent in Singapore.
Nowadays, it is a bit easy to search for a property rental Singapore house. Many websites have property prices Singapore listings. You can easily compare prices. Some property prices Singapore listings even offer a virtual tour of the house. However, before you seal the deal with any Singapore property agent, there are questions you need to ask first. Here are the 5 property prices Singapore questions that you should ask.
KEY LEARNINGS & TAKEAWAYS
- Do research on the market price.
- View and analyse the historical transaction of home rentals in that specific area.
- Find out how long the property has been on sale for. The longer the property has been on sale, the more cautious you should be. Find out why.
What is the market property price?
Market price refers to the price of a property that the buyer and the seller agreed upon. This means that even if the seller has a selling price, the buyer’s opinion and purchasing power matter. It is also determined by the local supply and demand. The condition of the property is also taken into consideration. Thus, the market price can be negotiated.
The market price will determine the market property prices Singapore values. This is also a factor to consider even if it is a property rental Singapore house. You will know if the price offered is reasonable or not. A real estate agent can tell you this. If the market price is too high, you can always negotiate to bring it down.
What is the total value of the property?
The total value of the property refers to the property prices Singapore value including all modifications. This means that the improvements and upgrades done in the property will be added to the total value price. It is different from the assessed property value. That refers to the property’s worth compared to similar nearby properties.
This property prices Singapore value is taxable. If you intend to buy the property, you’ll need to pay some taxes. There are two separate tax forms to pay. The first one is for land value. The second one is for the building and all modifications done to the property. Asking about the total value of the property will get you a clear idea of how much tax must be paid.
Can I see the historical transaction of the house for rent in Singapore?
Knowing the worth of the house being sold or rented to you is an essential information to seek. You will be able to know if the price is reasonable. In addition, you’ll also know what the price difference is between house 1 and house 2.
One of the ways to determine this is by asking for the historical transaction of the house for rent in Singapore. You will be able to analyse if the property value is rising or falling. You can also ask for the historical transaction of the surrounding houses. This should be done for you to get a clearer picture of the value of the whole area.
That is because the property might be well-priced now but not in the future. There are property prices Singapore houses that do not appreciate. Furthermore, there is a possibility that the property will lose value after a few decades.
What are the facilities and amenities nearby the house for rent in Singapore?
This question might not be property prices Singapore related. However, it can be a future costly problem once you start living in the area. Your house for rent in Singapore must be near vital facilities and amenities. This is usually mentioned by the real estate agent. However, you should see the facilities and amenities for yourself. This is because only you can assess what facilities and amenities you really need.
If there are facilities and amenities nearby, make sure that you can afford them. Some cheap property rental Singapore houses are near expensive facilities and amenities. Furthermore, you need to check if the facilities and amenities have what you need. For example, there is a mall near the property rental Singapore house. However, they only sell clothes and no groceries. Thus, you should check the surroundings before you make a deal with the real estate agent.
How long has the property in Singapore been on sale?
This is also not a question that is completely related to the property’s price. However, ignoring this can bring future problems on your part. This can even cost you more than you had paid for.
You must know how long the property prices Singapore houses are in the market. It is considered as a red flag if the house has not been sold for more than three months. There are many reasons why the house has not been sold or rented for so long.
One of the reasons is that it may not be popular among the people. This means that the house design might not fit the standards of the buyers. The location could be unideal for a certain lifestyle. Therefore, you must check whether the property rental Singapore house is up to your standards.
Another reason why the house for rent in Singapore is not yet occupied is the price. Many renters before you may have deemed the property as overpriced. In this case, you can negotiate with the leasing agent if they can bring down the price. If not, you can look for another property rental Singapore house.
The last reason could be that it is costly to be fixed. Some property rental Singapore houses have accumulated defects over the years since it was built. There could be a leaking roof, a cloggy water supply, or even insect infestations. Thus, it is important to check the house for rent in Singapore before you ask for the leasing contract. As for a buyer, you must buy a property that you can sell in the future.
Need help in finding property rental Singapore houses?
These are the five questions to ask regarding property prices Singapore. These questions will help you greatly in making the right property rental Singapore decision. If you need a site to look at and compare property prices in Singapore, you are just a few clicks away. Here at SRX Properties, we provide accurate information on property listings in Singapore. Start searching for your next home today.